How much does it cost to break my mortgage?
In the past year, the subject of break penalties has come up almost as often as the fixed vs. variable rate conversation and for good reason.
There is a major discrepancy in the way that break penalty is handled from lender to lender. The major bank break penalties can be MUCH MUCH more expensive than you expect. It isn't popular knowledge and it can also be disorienting to understand the mortgage-speak, so we have put together a tutorial video that explores the CIBC break penalty.
Also - the Globe & Mail did a great article on the unreliability of the break penalty calculators online. Check it out here.